There's a lot going on in this thread.
Before I start yammering incoherrently because I'm exhaused and hopped up on some excellent pain meds at the moment, let me credentialize myself a bit. Pardon me if this sounds, um... dominant.
I've been in IT and particularly in the web and hosting spaces for about 15 years now. I specialize in improving organizations and electronic service offerings and have saved corporations tens of millions of dollars, improved adoption rates of community technologies within firms from less than 3% to well over 90%, etc. I live and breathe in this space that we're agonizing over right now.
Ok, enough of that.
In general, I do think there are certain areas where this community as a whole is lacking in it's ability to meet the needs and wants of, um, itself.
For example, Teri mentioned groups. Now groups seems like a great idea... right up to the point where you actually try to use them.

Go check it out. (first, find them if you can) Then see how much functionality is afforded. It's really nowhere near the capabilities of the core forum, so people don't use them probably mainly because they don't help much.
Some folks here have mentioned small more formalized circles of folks to handle certain kinds of functions, such as critique. Now this is very much what Teri is talking about, and it works well, but the technology must support it to make it a success. Since groups probably won't hack it, you need something else... what? Well, in a more dynamic setup like ClearSpace, groups could form little subcommunities with all the same functionality as the core community, just focused differently. These can come and go with rise and fall of popularity or success like a real dynamic living thing... very powerful. From what I've seen vBulletin can't really do this.
In the absence of technology support, people can try more people-powered methods to get these kinds of things done. Like, perhaps someone such as Overread sets up an elite band of critiquing people and they all agree to act as a team responding to each and every post in the General Gallery from 12-5 EST M-F or something like that.
Something like this could work, but MAN is it a lot of time and work to manage. In fact, it sounds very much like WORK. Speaking as someone who has foolishly run a "guild" in a major online game, I can say with conviction that this eats your life and will eventually fall apart.
As Terri mentioned, there were some forums setup previously for specific things... (TPF Fight Club, for example) I think this would work, but I think the mods would have to be a lot more willing to set these up and break them down with relative frequency as the community evolves over time. It's admittedly a lot of work.
I also think to make this work that the mods would have to be willing to extend the moderation capabilities to certain folks for certain areas. Again, the overread example... say he decides to get his band of 8 merry men and women and setup camp in a subforum... "The Overread Critque Squad", where there is a very structured approach to posting and getting critique... then he and his merry band would probably need the ability to moderate that forum pretty aggressively to have that work.
So far, though, it seems that change around here is a bit limited. I understand the community has been around a while and our hosts feel they know pretty well what works and what doesn't, and "we've tried that before and it failed", and such... the problem, however, is that I do think we lose a lot of talented and/or well-meaning folks here because of our inability or unwillingness to adapt a bit.
And I have one thing to say about "it's been tried before..." Sometimes things fail for reasons other than the merit of the idea itself, if you know what I mean. Just because it failed once... twice... or three times... does NOT mean it will fail again. I can attest to this as I have a great deal of experience in this area.
All that said, my personal opinion is some major stuff would have to happen differently to make this work...
Either...
1. We switch to a new core technology to host the community. (massive undertaking and highly unlikely)
2. We get a bit more flexible about deputizing mods and allowing the creation of subforums around particular ideas to make the community better.
3. Someone else sets up a new community and we all move.
That being said, TPF is a business. I don't know how much money they make, but they evidently make some. To some degree, as long as the money keeps flowing, there may not be a compelling reason to go overly outside of the norm of "what works". I don't get the sense that our benefactors are quite that cold, but it's something to keep in mind.